Commercial Real Estate Office Market Showing Effects Of Slowing Economy, According To Richards Barry Joyce & Partners

Firm’s “officeSTATus – Winter 2009” Report Shows Increase In Vacancy,
Decrease In Asking Lease Rates

BOSTON – December 19, 2008 – The commercial office market in Greater Boston has begun to show the effects of the slowing economy, with vacancy rates creeping up and asking lease rates dropping, according to Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm.  The firm will be releasing the findings in its fourth quarter office market report, officeSTATus – Winter 2009, later this month. 

“The third quarter figures did not yet reflect the impact the overall economy was having on the office market in Greater Boston, simply because the quarter ended before the credit crunch really took hold,” said Brendan Carroll, vice president of research, RBJ.  “Now the numbers are reflecting what we’re already understood.  However, there are solid signs that the region is far better positioned to weather an economic slowdown than in similarly challenging periods in 1990 and 2001.” 

According to the report, vacancy in the Greater Boston office market increased 0.3% to 13.4%, while asking lease rates for Class A office space dropped by $1.76 to $39.34.  Notably, it was the first time in 11 quarters that the market realized negative absorption.  Of the major submarkets – Boston CBD, Cambridge, Route 128 and Route I-495 – only the Route I-495 submarket saw vacancy decline (down 1.0% to 19.4%).

officeSTATus, which is scheduled for client distribution on December 29, is organized logically in several distinct sections.  An executive summary provides market highlights, while the “Economy & Real Estate” section places the quarter’s results into a broader economic context. The primary submarkets – Boston CBD, Cambridge, Route 128 and Route I-495 – each have individual pages that emphasize findings notable to that particular geography. A chart with all the pertinent market statistics – vacancy, market size, absorption and availability – comprises the final page.  The chart also includes statistics for laboratory space, creating a single, invaluable source for market data.

To request a copy of RBJ’s officeSTATus – Winter 2009, please send an email to research@rbjrealestate.com. 

RBJ Research Publications
officeSTATus is the flagship publication in RBJ’s family of eleven quarterly research reports.  In addition to officeSTATus, RBJ publishes: flexSTATus, which highlights Flex property types; indSTATus, which focuses on Industrial property types; and individual marketSTATus reports on eight critical sub-markets.  The firm’s biotechnology-focused report, bioSTATus, is released twice a year, after the first and third quarters.  In total, the firm produces an industry-leading 46 reports per year, in addition to custom research projects for clients.

About Richards Barry Joyce & Partners, LLC

Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services.  For more information, please visit our website at www.rbjrealestate.com.

______________________________________________________________________________________________________

Richards Barry Joyce & Partners Releases “bioSTATus – Winter 2009”

Report Is Market’s Leading Research Publication On Biotechnology-Focused Real Estate In Greater Boston

BOSTON – November 20, 2008 – Richards Barry Joyce & Partners (RBJ), a full-service commercial real estate advisory firm, today announced the availability of bioSTATus – Winter 2009, a publication that covers biotechnology research-focused real estate in Greater Boston.

According to the firm, the expansion of biotechnology companies in the suburbs has continued to the point where there is a significant dearth of Laboratory space.  bioSTATus shows that currently only three Class A options exist of at least 5,000 SF of Laboratory space in the suburbs. Additionally, 79% of the positive absorption of Laboratory space during the past year has been in the suburbs.

“We’ve witnessed a significant growth of biotechnology research in the suburbs for several reporting periods,” said Brendan Carroll, vice president of research, Richards Barry Joyce & Partners.  “Among the driving factors of the move have been the lack of large spaces and significantly higher pricing of opportunities in Cambridge.  We’re now seeing the same effect in the suburbs, with only a handful of build-to-suit options available.”

bioSTATus is the region’s most influential research publication covering the critical biotechnology market.  The report is released twice a year and delivers pertinent statistics (vacancy, market size, and absorption), positions the data within the context of the broader economy, and offers updates on each of the primary submarkets (Cambridge, Boston and the suburbs).  

To request a copy of RBJ’s bioSTATus – Winter 2008, please send an email to research@rbjrealestate.com. 

RBJ Research Publications
Richards Barry Joyce & Partners produces an industry-leading 46 reports per year, in addition to custom research projects for clients.  bioSTATus is released twice a year and there are eleven quarterly research reports:  officeSTATus is the flagship report on the office market; flexSTATus highlights Flex property types; indSTATus focuses on Industrial property types; and individual marketSTATus reports showcase eight critical sub-markets. 

About Richards Barry Joyce & Partners, LLC

Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services.  For more information, please visit our website at www.rbjrealestate.com.

______________________________________________________________________________________________________

Richards Barry Joyce & Partners Brokers 49,626 SF Lease On Behalf Of National Development

New Lease With MediaTek Inc. Brings 120 Presidential Way To Full Occupancy

BOSTON – November 5, 2008 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, announced today that it brokered a new lease for National Development at 120 Presidential Way, Woburn, Mass.  The 49,626 square foot lease with MediaTek Inc. brings the building to full occupancy. 

Part of the MetroNorth Corporate Center, 120 Presidential Way consists of 74,194 square feet of office space.  MediaTek, a leading fabless semiconductor company for wireless communications and digital media solutions, will occupy space on the first and second floors of the three-story building.  The company will be moving to Woburn from its current location in Wilmington, Mass.

“MetroNorth Corporate Center is one of the region’s premier office parks.  It is attracting excellent tenants, due to its amenities, location and options for growth,” said Jonathan Varholak, partner, Richards Barry Joyce & Partners.  “We are pleased to have brought in MediaTek, to bring 120 Presidential Way to full occupancy.” 

MetroNorth Corporate Center is a 1.2 million square foot master-planned campus.  In-park amenities include a Marriott Residence Inn, a full-service cafeteria, and locker room/shower facilities.  Additionally, a Boston Sports Club is expected to open in the fall of 2008.  Nearby amenities include many restaurants and convenience retail. 

The park is served by a new interchange off Interstate 93, placing it in close proximity of both I-93 and Route 129/I-95.  The Anderson/Woburn MBTA Commuter Rail Station is within walking distance. 

National Development was represented in the lease by Jonathan Varholak, Brian McKenzie and Ron Friedman of Richards Barry Joyce & Partners.  RBJ is the exclusive leasing agent for National Development’s MetroNorth Corporate Center properties – 120, 150 and 200 Presidential Way.  MediaTek was represented by Grubb & Ellis. 

According to research by RBJ, the 128 North submarket consists of 24,591,000 square feet of office space and was 19.4% vacant, as of the quarter ended September 30, 2008.  [source:  Richards Barry Joyce & Partners’ “officeSTATus –Fall 2008”]

About National Development
National Development is an interdisciplinary real estate company that provides development, construction, asset management and investment acquisition services.  The Newton, Massachusetts-based firm is ranked as one of the largest development companies in Massachusetts.  National has a diverse product base with major projects in the office, industrial, retail, senior housing, multifamily, hotel and institutional sectors.  Since 1983, National Development has developed over twelve million square feet in 40 communities throughout the region.  In addition, the firm manages over six million square feet of assets.  www.natdev.com

About Richards Barry Joyce & Partners, LLC

Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services.  For more information, please visit our website at www.rbjrealestate.com.

______________________________________________________________________________________________________

Condyne, Inc. Hires Richards Barry Joyce & Partners To Lease 165K SF Warehouse Facility

RBJ Exclusive Leasing Agent For 55 Murphy Drive In Avon, Mass. 

BOSTON – October 28, 2008 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, announced today that Condyne, Inc. hired the firm as the exclusive leasing agent for 55 Murphy Drive, a state-of-the-art freezer / warehouse building totaling 165,713 square feet. 
                                                     
Located in the Avon Industrial Park in Avon, Mass., 55 Murphy Drive features 5,370,000 cubic feet of space.  A modern temperature controlled facility, 55 Murphy Drive has fully computerized monitoring systems for temperature, ammonia and refrigeration control.  The building offers a high level of safety, with a central monitoring station for all security and fire systems, as well as a leak detection system for the ammonia refrigeration. 

55 Murphy Drive is situated on a 10-acre, self-contained site within the park.  Located just off Route 24, the building offers fast access to the area’s major highways, including Routes I-93, I-95 and I-495.  The building features 15,508 square feet of finished mezzanine office space, 32' clear height, and 26 refrigerated shipping docks. 

“Companies seeking warehouse / refrigeration facilities have a checklist of features that they require and 55 Murphy Drive meets all the requirements,” said John Lashar, partner, Richards Barry Joyce & Partners.  “The building is centrally located, has modern construction, and excellent monitoring and safety systems.”

The RBJ team assigned to the 55 Murphy Drive project includes John Lashar, Michael Frisoli, Jay Nugent and Cal Hudak. 

According to RBJ’s “indSTATus – Fall 2008”, the I-495 South market has 16,835,000 square feet of warehouse space and is 18.4% vacant, as of the close of the third quarter of 2008.  

About Condyne, Inc.
Condyne, Inc. is a full-service real estate development firm based in Quincy, Massachusetts. As a full-service firm, we are able to meet any and all building requirements from conception to completion. We work with our clients to provide innovative solutions that allow for future growth and maximize both short and long-term profitability.  We have built a reputation for completing projects on time and at extremely competitive prices. Since 1979, an expanding base of repeat, satisfied and referred customers, both large and small, have put us among the Northeast’s leading real estate developers and design/build firms. www.condyne.com

About Richards Barry Joyce & Partners, LLC

Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company’s focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners’ unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services.  For more information, please visit our website at www.rbjrealestate.com.

______________________________________________________________________________________________________

Richards Barry Joyce & Partners Releases Quarterly Reports On Industrial And Flex Property Types

indSTATus and flexSTATus Reports Show Positive Absorption During Q3 2008

BOSTON – October 16, 2008 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, has released two quarterly reports on the Greater Boston commercial real estate market, covering the industrial and flex markets – indSTATus – Fall 2008 and flexSTATus – Fall 2008.

indSTATus, which covers Greater Boston’s industrial market, looks at the state of warehouse and manufacturing property types.  According to the firm, the warehouse market witnessed a slight increase in vacancy (up 0.1% to 15.8%) across the market during Q3 2008, while the manufacturing market experienced a 1.8% drop in vacancy to 15.5%, during the same period.  Both property types had positive absorption during the quarter—394,000 square feet in warehouse and 408,000 square feet in manufacturing. 

Greater Boston’s flex market also witnessed positive absorption during the third quarter, according to RBJ’s flexSTATus report, with 236,000 square feet coming off the market.  This marks the fourth consecutive quarter of positive demand for the flex market.  Vacancy in the flex market dropped 0.8% to 16.1%. 

“Despite the current economic climate, it was a solid quarter for Greater Boston’s industrial and flex markets” said Brendan Carroll, vice president of research, Richards Barry Joyce & Partners.  “Newer buildings account for a significant majority of the positive demand, as buyers and tenants look towards state-of-the-art facilities.”

To request a copy of either indSTATus – Fall 2008 or flexSTATus – Fall 2008, please send an email to research@rbjrealestate.com. 

RBJ Research Publications
indSTATus and flexSTATus are two of RBJ’s family of eleven quarterly research reports.  RBJ also publishes a quarterly office report (officeSTATus) and individual marketSTATus reports on eight critical sub-markets.  The firm’s biotechnology-focused report, bioSTATus, is released twice a year, after the first and third quarters.  In total, the firm produces an industry-leading 46 reports per year, in addition to custom research projects for clients.

About Richards Barry Joyce & Partners, LLC

Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services.  For more information, please visit our website at www.rbjrealestate.com.

______________________________________________________________________________________________________

Richards Barry Joyce & Partners Negotiates Two Leases For KBS Realty Advisors

Ciena Corporation And Azimuth Networks Sign Leases At 35 Nagog Park

BOSTON – October 14, 2008 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, announced today that it negotiated two leases on behalf of KBS Realty Advisors at 35 Nagog Park in Acton, Mass.  The leases, signed with Ciena Corporation and Azimuth Networks, total 62,400 square feet. 

Ciena Corporation (NASDAQ: CIEN), a global leader in communication network infrastructure, associated software and professional services, signed a lease renewal of 45,855 square feet.  The Maryland-headquartered company occupies office and electronics laboratory space on the building’s first and second floors.  Ciena was represented by Robert Nahigian of Auburndale Realty. 

Azimuth Systems, Inc., a leading provider of wireless broadband test equipment and channel emulators for Wi-Fi, WiMAX, LTE and other advanced wireless technologies, signed a new lease for 16,545 square feet.  The company will relocate its corporate headquarters to 35 Nagog Park from nearby 31 Nagog Park.  The new lease marks an expansion of space for the technology company.  Azimuth was represented in the transaction by Theodore Lee and Christopher Lawrence of Colliers Meredith & Grew. 

“We are pleased to have accommodated both Ciena Corporation and Azimuth Systems in their leasing requirements at 35 Nagog Park,” said John Kolb, Vice President at KBS Realty Advisors.  “Nagog Park has proven yet again its ability to meet the unique demands of high tech tenants.”

KBS Realty Advisors was represented in the Ciena and Azimuth transactions by Brian McKenzie, John Wilson, James Lipscomb and Robert Byrne of Richards Barry Joyce & Partners.  

About the Building and Park
35 Nagog Park is a three-story building, consisting of 94,475 square feet of office and R&D space.  The building is part of Nagog Park, located off Route 2A, only three miles from Route I-495.  Nagog Park is situated in a naturally wooded, well landscaped environment and offers jogging trails, restaurants, shopping and day care.  The park, which has been home to many of the most successful companies in the technology market, is widely regarded as one of the leading office parks in Greater Boston. 

KBS Realty Advisors’ portfolio of properties in Nagog Park includes buildings 30, 31, 33, 35, 40, 42, 43 and 125.  The park can accommodate tenants with space requirements ranging from 1,000 to 35,000 SF.  RBJ is the exclusive leasing agent for KBS Realty Advisors’ portfolio of Nagog Park properties.

I-495 North Market Statistics
According to research by RBJ, the Route I-495 North submarket consists of 14,080,000 square feet of office space and was 25.5% vacant, as of the quarter ended September 30, 2008.  [source: Richards Barry Joyce & Partners’ “officeSTATus – Fall 2008”]

About KBS Realty Advisors
Founded in 1992 by Peter Bren and Charles J. Schreiber, Jr., KBS Realty Advisors is one of the leading real estate investment advisors in the nation. KBS is a real estate operating company, not a financial institution. KBS understands the complexities of managing and operating real estate and has successfully executed its strategies through 19 separate accounts and six commingled funds that the company has formed since its inception. For more information, visit www.kbsrealty.com.

About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services.  For more information, please visit our website at www.rbjrealestate.com.

______________________________________________________________________________________________________

Vacancy Rates In Greater Boston Office Market Drop To 13.1%, According To Richards Barry Joyce & Partners
Findings Released In Firm’s Third Quarter Commercial Office Market Report, “officeSTATus – Fall 2008”

BOSTON – October 6, 2008 – According to Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, the commercial office market in Greater Boston tightened during the third quarter of 2008, with the vacancy rate dropping by 0.5% to 13.1%.  The findings were released this week in the firm’s third quarter office report, officeSTATus – Fall 2008. 

Commensurate with the decrease in vacancy, the office market experienced 745,000 square feet of positive absorption during the quarter, marking eleven consecutive quarters of positive demand.  Average asking lease rates for Class A office space rose by four percent to $41.09 per square foot.

“We continue to monitor volatile global economic conditions to understand potential local ramifications” said Brendan Carroll, vice president of research, Richards Barry Joyce & Partners.  “Companies have been conservative in their real estate strategy over the past five years, and continue to exercise restraint in their space requirements, though have modestly grown to accommodate their business.”

officeSTATus is organized logically in several distinct sections.  An executive summary provides market highlights, while the “Economy & Real Estate” section places the quarter’s results into a broader economic context. The primary submarkets – Boston CBD, Cambridge, Route 128 and Route I-495 – each have individual pages that emphasize findings notable to that particular geography. A chart with all the pertinent market statistics – vacancy, market size, absorption and availability – comprises the final page.  The chart also includes statistics for laboratory space, creating a single, invaluable source for market data.

The “Market Interesting” provides a “glass is half full” look at the current economic conditions.  You’ll find six reasons why this downturn may be a bit gentler on Greater Boston’s commercial real estate market than the last two major economic downturns – real estate lending in 1989 and the “tech bust” in 2000.

To request a copy of RBJ’s officeSTATus – Fall 2008, please send an email to research@rbjrealestate.com. 

RBJ Research Publications
officeSTATus is the flagship publication in RBJ’s family of eleven quarterly research reports.  In addition to officeSTATus, RBJ publishes: flexSTATus, which highlights Flex property types; indSTATus, which focuses on Industrial property types; and individual marketSTATus reports on eight critical sub-markets.  The firm’s biotechnology-focused report, bioSTATus, is released twice a year, after the first and third quarters.  In total, the firm produces an industry-leading 46 reports per year, in addition to custom research projects for clients.

About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services.  For more information, please visit our website at www.rbjrealestate.com.

______________________________________________________________________________________________________

Richards Barry Joyce & Partners Announces Promotions Of Tom O’Regan And Brian Cohen
O’Regan Named Executive Vice President on Downtown Team; Cohen Head’s Firms Consulting Practice As Vice President
BOSTON – September 25, 2008 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, is pleased to announce the promotion of two RBJ team members:  Tom O’Regan has been promoted to executive vice president and Brian Cohen to vice president.
“Tom and Brian were both excellent additions to the RBJ team and since joining have helped many clients advance their business goals,” said Robert Richards, president of RBJ.  “Each of them exemplifies the team attitude and client focus the RBJ is known for.  We are pleased to have the opportunity to witness their professional growth.” 
Mr. O’Regan is a member of RBJ’s Downtown Boston leasing group, specializing in the leasing and sale of office space for tenants and landlords.  Before joining RBJ in 2004, he was a director at Cushman & Wakefield, where he worked for more than five years, also in the Downtown Boston market, as well as in the institutional sales group of State Street Global Advisors. Prior to that, he played professional hockey, including time with the Pittsburgh Penguins and Detroit Red Wings. He earned a B.S. from the Boston University School of Management and is a member of the Greater Boston Real Estate Board.  Additionally, Mr. O’Regan is active in community work, including fundraising for the Dana-Farber Cancer Institute, Boston Children’s Hospital, and Boston University, and coaching various youth sports programs.
Mr. Cohen joined RBJ in 2006 and manages RBJ’s Consulting Services practice, which delivers strategic real estate decision support to the firm’s corporate clients.  He specializes in counseling clients on issues related to site location and real estate portfolio strategy.  Mr. Cohen’s consulting experience includes headquarters optimization and office/industrial portfolio strategy.  Previously, he was associate director in Cushman & Wakefield’s Global Business Consulting practice, where he advised clients on matters of facility location and real estate portfolio planning.  Mr. Cohen holds an M.B.A. from the George Washington University and a B.S. from the University of Rhode Island.  He is active in CoreNet Global and the Massachusetts Alliance for Economic Development.

About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services.  For more information, please visit our website at www.rbjrealestate.com.

______________________________________________________________________________________________________

Burlington Research Center Receives Permitting Approval For 600K SF Of New Development
Becomes Largest Development With Research and Biotech Approval Along Route 128
BOSTON – September 3, 2008 – The Gutierrez Company and Richards Barry Joyce & Partners, LLC (RBJ) today announced that Burlington Research Center, a proposed 600,000 square foot development in Burlington, Mass., has received local approvals for biotechnology use. 
Burlington Research Center, which will be comprised of three buildings with 590,000 square feet of biotechnology research and development and office space plus a restaurant and retail space, is located at 43-63 South Avenue.  The approval, granted by the town of Burlington, makes Burlington Research Center the largest development in the Route 128 marketplace to be cleared for biotech research and development use.  Additionally, the development recently received local conservation approval, placing Burlington Research Center in receipt of all local approvals. 
“This is great news to have the ability to provide new biotech space at the Burlington Research Center,” said Scott Weiss, managing director of commercial development at The Gutierrez Company.  “The governor is promoting biotechnology throughout the state and we applaud the town of Burlington for supporting the initiative and approving our project.  At the Burlington Research Center, The Gutierrez Company can provide a ready-to-go site for biotech and life sciences companies seeking new, expanded or improved space in the Boston suburbs.” 
Burlington Research Center offers a central location and high visibility.  The development is conveniently located on a 16-acre site, abutting the highway, approximately 12 miles from Downtown Boston, with fast access from Route 128, Route 3 and I-93.  The office and lab buildings will be certified “green” through the U.S. Green Building Council Leadership in Energy and Environmental Design (LEED) program. 
The site also benefits from substantial water and sewer allocation in line with biotech use; something other sites in the area cannot provide.  While the development will also include a new restaurant and retail space, extensive amenities nearby include the Burlington Mall, restaurants, hotels, the Lahey Clinic and movie theaters. 
“Burlington Research Center is very well positioned to be the region’s top biotechnology and office development,” said Jonathan Varholak, partner, Richards Barry Joyce & Partners.  “It will meet the demand for companies seeking to move to or grow into the suburbs.  We anticipate a very high level of interest.” 
Richards Barry Joyce & Partners has been named the exclusive leasing agent for Burlington Research Center.  Jonathan Varholak, partner, and Ron Friedman, vice president, will lead the project for RBJ. 
Biotechnology in the Suburbs
According to research by RBJ, biotechnology has grown tremendously in the suburbs during the past few years.  The amount of biotechnology research space in the suburban submarkets has increased 72% in ten years (up to 4.4 million square feet of inventory), as employee populations shift and the biotechnology industry continues to mature.
According to the firm’s “bioSTATus – Greater Boston Summer 2008” report, the Greater Boston suburban market consists of 4,420,000 square feet of laboratory space and is 16.4% vacant as of March 31, 2008.  However, the 987,000 square feet of laboratory space existing in the 128 North submarket is 8.4% vacant, showcasing the strong demand for laboratory space in the submarket where Burlington Research Center is located.
About The Gutierrez Company
Since 1978, The Gutierrez Company (www.gutierrezco.com) has provided a full range of real estate development services including site selection, master planning, project management, design coordination, financing, construction services and property management.  The strongest characteristics of The Gutierrez Company are our in-depth capabilities within each phase of the development process. Whether we are joint-venturing a single building with a land owner, developing an office park for our own account, or constructing a customized building according to a user’s specifications, all of the vital services needed for each development are provided in-house.  The Gutierrez Companies has developed over 9.0 million square feet of office, research and development, and retail space in suburban Boston and southern New Hampshire for various international, national, and regional tenants. We currently own and manage a building portfolio of over 4.2 million square feet of research and development, office and retail space. We have land to develop an additional 11 million square feet of space.
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services.  For more information, please visit our website at www.rbjrealestate.com.

______________________________________________________________________________________________________

Richards Barry Joyce & Partners Leases 6 Riverside Drive, Andover, Mass. To Full Occupancy
Brokers New 32,978 SF Lease On Behalf of CrossHarbor Capital Partners LLC
BOSTON – August 5, 2008 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, announced today that it brokered a new 32,978 square foot lease on behalf of CrossHarbor Capital Partners LLC.  The lease with Fishman Transducers, Inc. brings 6 Riverside Drive in Andover, Mass. to full occupancy. 
Fishman Transducers, the premier designer and manufacturer of acoustic amplification products, will occupy office and R&D space on the first floor of the two-story building.  Located in the Andover Research Park, 6 Riverside Drive consists of 77,000 square feet of R&D and office space.  The building will become Fishman’s new corporate headquarters, with the company relocating from its current site in Wilmington, Mass. 
“We are pleased to have leased 6 Riverside to full occupancy,” said Brian McKenzie, partner, Richards Barry Joyce & Partners.  “The building is one of the top R&D facilities in the market, which explains why it attracted an excellent tenant such as Fishman Transducers.” 
Brian McKenzie and Robert Byrne of RBJ represented CrossHarbor Capital Partners in the lease.  RBJ is the exclusive leasing agent for 6 Riverside Drive.  Fishman Transducers was represented by Matthew Daniels and Christopher Lawrence of Colliers Meredith & Grew. 
According to research by RBJ, the I-495 North submarket consists of 14,080,000 square feet of office space and was 26.5% vacant, as of the quarter ended June 30, 2008.  [source:  Richards Barry Joyce & Partners’ “officeSTATus –Summer 2008”] 
About CrossHarbor Capital Partners LLC
Since its inception in 1993, CrossHarbor Capital Partners LLC has been recognized as a leading manager of alternative investments. We combine a disciplined, multi-asset investment strategy with highly experienced professionals to generate superior, risk-adjusted returns for our firm and its investors.  Our business model is performance based and our investment activities exclusively emphasize opportunistic transactions in the following sectors: real estate, distressed loans and private equity. www.crossharborcapital.com.
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services.  For more information, please visit our website at www.rbjrealestate.com.

______________________________________________________________________________________________________

Richards Barry Joyce & Partners Brokers New 54,457 SF Lease Between CIDC And Archon Group
Software Development Company Signs Lease For New Headquarters Location 
At 150 CambridgePark Drive, Cambridge, Mass.
BOSTON – July 23, 2008 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, announced today that it brokered a new 54,457 square foot lease between Cambridge Interactive Development Corp. (CIDC) and Archon Group. 
CIDC, a software development company, signed a lease for office space at 150 CambridgePark Drive, Cambridge, Mass.  The new location will become the company’s new corporate headquarters.  CIDC is relocating its operations from nearby 100 CambridgePark Drive, where the company currently occupies 30,000 square feet of space. 
150 CambridgePark Drive is part of a two-building campus owned by Archon Group that also includes 125 CambridgePark Drive.  The campus totals 436,100 square feet of office space (183,920 square feet at 125 CambridgePark Drive and 252,180 square feet at 150 CambridgePark Drive).  The buildings, located adjacent to the Alewife MBTA Station and Route 2, offer a full package of amenities, including a café, fitness area, free parking and conference facilities. 
“CIDC is a very exciting Cambridge company and their significant expansion into a new office is a positive indicator of their success and forward motion,” said Jonathan Varholak, partner, Richards Barry Joyce & Partners.  “By moving to 150 CambridgePark Drive, the company maintains its presence in Cambridge and benefits from a wide range of building and local amenities.”  ”
RBJ represented CIDC and Archon Group in the transaction.  The RBJ team consisted of Jon Varholak, Steve Purpura, and Eric Smith.  RBJ is the exclusive leasing agent for 125 and 150 CambridgePark Drive. 
According to research by RBJ, the Cambridge submarket consists of 13,071,000 square feet of office space and was 7.6% vacant, as of the quarter ended June 30, 2008.  [source:  Richards Barry Joyce & Partners’ “officeSTATus –Summer 2008”] 
About Cambridge Interactive Development Corp. (CIDC) 
CIDC is a software development company specializing in localized products for multi-player gaming, social networking, affiliate portals and other web verticals, with offices in Cambridge, Massachusetts.  CIDC is a wholly owned subsidiary of GigaMedia, Ltd. (NasdaqNM: GIGM), a diversified provider of broadband and entertainment services with headquarters in Taipei, Taiwan. www.cidc.com
About Archon Group 
Archon Group, L.P. is building value worldwide as an international, full-service commercial real estate investment and management company.  A wholly-owned subsidiary of The Goldman Sachs Group, Inc., Archon’s global team of 2,500 professionals currently manages investments totaling more than $14 billion in North America, Asia and Europe.  On behalf of Whitehall Street Real Estate funds and others, Archon has completed more than 140 portfolio and single-asset transactions in a dozen countries.  Archon’s singular business goal is to provide the highest return possible to its investors.  Substantial financial resources, superior information technology and highly skilled professionals are the cornerstones of Archon’s expansive activities in acquisition, development, management, financing and disposition of real estate investments.  www.archongroup.com
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services.  For more information, please visit our website at www.rbjrealestate.com.

______________________________________________________________________________________________________

Greater Boston Office Market Experiences Slight Increase In Vacancy Rate, States Report By Richards Barry Joyce & Partners
Market Well Positioned To Weather Economic Slowdown
Boston, MA – July 15, 2008 – According to commercial real estate firm Richards Barry Joyce & Partners, the office market in Greater Boston experienced a slight increase in vacancy rates during the second quarter of 2008, edging up by 0.4% to 13.6%.  The findings were released in officeSTATus – Summer 2008, the firm’s quarterly office research report. 
Average asking lease rates for office space had a corresponding decrease, dipping $0.58 to $39.54 per square foot.  During the quarter more than 800,000 square feet of office space was added to the market and construction activity was at a four-year high, with 2.1 million square feet under development. 
“Greater Boston’s office market is very stable and we see that continuing, even if there is a broader economic slowdown,” said Brendan Carroll, vice president of research, Richards Barry Joyce & Partners.  “The local economy isn’t in the center of the economic issues as was the case during the commercial loan issues in the late 1990s or in the tech bust of 2001.  Additionally, the construction pipeline of 2.1 million square feet is much more manageable than the 9.1 million square foot pipeline at the end of 200.” 
officeSTATus highlights each submarket, with a section focusing on developments in Boston’s Central Business District, Cambridge, Route 128 and I-495.  An executive summary emphasizes significant news across the market and the “Economy & Real Estate” section places the real estate data within a broader economic framework.  The final page of the report is comprised of a single chart with the quarter’s key statistics (vacancy, market size, absorption, availability) compiled into a single, handy reference tool.  This quarter’s “Market Interesting” section is puzzling:  the “RBJ Summer Fun Crossword”.
To request a copy of RBJ’s officeSTATus – Summer 2008, please send an email to research@rbjrealestate.com. 
RBJ Research Publications
officeSTATus is the flagship publication in RBJ’s family of eleven quarterly research reports.  In addition to officeSTATus, RBJ publishes: flexSTATus, which highlights Flex property types; indSTATus, which focuses on Industrial property types; and individual marketSTATus reports on eight critical sub-markets.  The firm’s biotechnology-focused report, bioSTATus, is released twice a year.  In total, the firm produces an industry-leading 46 reports per year, in addition to custom research projects for clients.
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services.  For more information, please visit our website at www.rbjrealestate.com.

______________________________________________________________________________________________________

Richards Barry Joyce & Partners Brokers 45,141 SF Lease For Imagitas, Inc.
Subsidiary of Pitney Bowes Renews Lease At 48 Woerd Avenue, Waltham, Mass.
BOSTON – June 26, 2008 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, announced today that it brokered a 45,141 square foot lease renewal on behalf of Imagitas, Inc., at 48 Woerd Avenue, Waltham, Mass. 
Imagitas, a subsidiary of Pitney Bowes, renewed its lease for office and R&D space on the building’s first floor.  Imagitas is an innovative marketing services company that connects leading marketers with highly valuable consumers, through government communication channels. 
“48 Woerd Avenue provides Imagitas with an excellent location,” said Jonathan Varholak, partner, Richards Barry Joyce & Partners.  “The building is located close to Boston and also has easy accessibility to the region’s major highways.”
48 Woerd Avenue, totaling 127,285 square feet, is owned by Intercontinental Real Estate Investment Fund III, LLC. 
Imagitas was represented by Jonathan Varholak and Ron Friedman, vice president, of RBJ working in partnership with Cushman & Wakefield of New York.  Intercontinental Management Corp, the building’s landlord, was represented internally by Thomas Taranto, Director of Acquisitions, Asset & Portfolio Management for Intercontinental. 
According to research by RBJ, the Route 128 West submarket consists of 20,255,000 square feet of office space and was 12.7% vacant, as of the quarter ended March 31, 2008.  [source:  Richards Barry Joyce & Partners’ “officeSTATus – Greater Boston Spring 2007”]
About Imagitas, Inc. 
Imagitas is an innovative marketing services company. Our success is based on a proven strategy of reaching consumers when the products and services our clients offer are most relevant. In 2005, Imagitas became a wholly-owned subsidiary of Pitney Bowes.  Since its inception in 1992, Imagitas has created powerful marketing channels by changing the way consumers interact with the government. Our business model involves partnerships with government agencies such as the U.S. Postal Service (USPS) and several state Departments of Motor Vehicles (DMVs).  For more information, please visit www.imagitas.com.
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services.  For more information, please visit our website at www.rbjrealestate.com.

______________________________________________________________________________________________________

Campanelli Companies and Richards Barry Joyce & Partners Announce Redevelopment Plans For Presidential Woods Corporate Center
Dramatic Development Will Create Three-Story Building With 166,000 SF 
Of First-Class Office and Laboratory Space
BOSTON – June 18, 2008 – Campanelli Companies and Richards Barry Joyce & Partners, LLC (RBJ) today announced dramatic redevelopment and expansion plans for Presidential Woods Corporate Center (PWCC) in Woburn, Mass.  The existing two-story facility built in 1998 will be totally renovated, creating a new first-class building with more than 166,000 square feet that can accommodate office and laboratory uses. 
The joint venture of Campanelli Companies and Commonfund Realty, Inc. purchased Presidential Woods Corporate Center in late 2007, renaming it from 8 Presidential Way.  The development plans allow for a 62,000 square foot, three-story addition to the existing two-story, 104,000 square foot facility.  Permitting for the new construction was well received by all City of Woburn authorities and quickly approved in December 2007. 
PWCC has been pre-certified as a LEED silver building, a designation by the U.S. Green Building Council to denote a building’s adherence to a set of standards for environmentally sustainable construction.  The new space will provide flexibility for a variety of tenant uses including first-class office and laboratory space. 
A dramatic two and 1/2-story lobby, featuring a glass-enclosed atrium, will seamlessly connect the two structures into a single building.  The building will have a full-service cafeteria, a fitness facility and a 3.5 per 1000 square foot parking ratio. The site’s zoning also allows for additional structured parking if needed.
“Our goal is to create the 128 North market’s premier office and laboratory facility,” said Peter Brown, director of leasing at Campanelli Companies.  “The facility boasts an excellent location, an outstanding design and a full-service amenity package, which create an ideal working environment at a competitive price.  Campanelli’s track record in the adaptive re-development of office and laboratory properties positions us well to control costs and deliver a successful outcome at Presidential Woods Corporate Center.”
The site is located immediately off Interstate 93’s new Exit 37C, near the intersection with I-95, providing easy highway access.  Nearby area amenities include the Anderson Transportation Center and Logan Express Bus, a new 32,000 square foot Boston Sports Club, convenience retail, and numerous hotels and restaurants.  Corporate neighbors include Raytheon, Analog Devices, American Tower Group, Arqule and Paychex. 
“The 128 North market has been very active during the past few quarters and we expect the trend to continue,” said Brian McKenzie, partner, Richards Barry Joyce & Partners.  “We have already received interest in the building from a variety of companies, indicating the attraction of the redevelopment plans and the quality of its location.” 
According to research by Richards Barry Joyce & Partners, the Woburn/Burlington micromarket contains 8.8 million square feet of commercial office real estate.  It has experienced positive absorption of 2.1 million square feet since the third quarter of 2003, causing a dramatic decline in vacancy to 11.4% from 36.5%.
Richards Barry Joyce & Partners is the exclusive leasing agent for PWCC.  The RBJ team assigned to the project includes Brian McKenzie, John Wilson, James Lipscomb and Robert Byrne. 
About Campanelli Companies
Established in 1947, Campanelli Companies is a full service commercial real estate development company with extensive experience in the industrial, office, warehouse/distribution and retail markets. To date, Campanelli has developed over 15 million square feet of commercial real estate property. Campanelli has worked with a variety of capital sources including banks, insurance companies, pension funds and real estate investment trusts. Campanelli's extraordinary track record as a developer means that the company can match a project to the lowest available cost of capital, which translates into the most competitive market rates for every development proposal.
Campanelli works closely with its clients during every phase of a development project, including site selection, feasibility analysis, local, state and federal permitting, architectural and engineering design, building construction, as well as facilities and property management. All phases of a project are handled by a cohesive development team that has worked together for over thirty years. Campanelli serves as the general contractor on all of its development projects. As both the developer and general contractor, Campanelli can assure its clients that every aspect of a project is directed, monitored and controlled by Campanelli Companies. For more information, visit www.campanelli.com.
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services.  For more information, please visit our website at www.rbjrealestate.com.

______________________________________________________________________________________________________

Richards Barry Joyce & Partners Brokers Sale Of 285 Summer Street
Aegean Capital Purchases 53,790 SF Office Building For $14.25 Million
Boston, MA – June 11, 2008 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, today announced that it brokered the sale of 285 Summer Street in Boston’s Fort Port Channel District for $14.25 million.  The 53,790 square foot building was purchased by Aegean Capital LLC. 
285 Summer Street is fully occupied by Payette Associates, a Boston-based architectural firm that purchased the six-story building in 1991.  Originally built in 1897, 285 Summer Street is within walking distance of Downtown Boston and only 10 minutes from Boston’s Logan International Airport. 
“We are very pleased with the purchase of 285 Summer Street,” said Costas Alexakos, founder of Aegean Capital.  “We have acquired an excellent building in one of the strongest markets in Greater Boston.” 
Richard Herlihy, Richard Bradbury and Kimberly Cinnamond of the Investment Services Group of Richards Barry Joyce & Partners, along with downtown expert Michael Joyce, represented the building seller and procured the buyer. 
According to research by Richards Barry Joyce & Partners, Downtown Boston consists of 66,210,000 square feet of office space and was 8.5% vacant, as of the quarter ended March 31, 2008. [Source:  Richards Barry Joyce & Partners’ “officeSTATus – Greater Boston Spring 2008”]
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services.  For more information, please visit our website at www.rbjrealestate.com.

______________________________________________________________________________________________________

Richards Barry Joyce & Partners Welcomes Vincent Erfe
Erfe Joins RBJ As Analyst On Firm’s Consulting Services Team
BOSTON – May 29, 2008 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, announced today that Vincent Erfe joined the firm as an analyst in its Consulting Services practice.  RBJ’s consulting services practice delivers strategic real estate decision support to the firm’s corporate clients. 
In his new role, Mr. Erfe will focus on corporate real estate consulting and financial analysis.  Prior to joining RBJ, he was the finance director for a multi-family real estate business, Hilda’s Houses, in Rhode Island.  He performed financial analysis on investment properties, created and implemented a new business operations organizational system, and was responsible for cash flow operations.  Previously, Mr. Erfe was a Congressional legislative aide to a member of Congress and a research assistant for the U.S. Chamber of Commerce, where he performed analysis on complex legislative issues to support policy decisions.  He earned an M.B.A. from the University of Maryland and a B.A. from the Johns Hopkins University.
                                                              
“Vincent is a welcome addition to the RBJ team,” said Brian Cohen, vice president of consulting services, Richards Barry Joyce & Partners.  “Our consulting services practice works across many functional areas of our clients’ organizations, including real estate, HR, finance and operations.  Vincent’s unique skill set and experience will enable him to immediately fit in and make an impact.”
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services.  For more information, please visit our website at www.rbjrealestate.com.

______________________________________________________________________________________________________

Richards Barry Joyce & Partners Releases 
“bioSTATus – Greater Boston Summer 2008”
Leading Report For Biotechnology Real Estate Shows An Influx Of New Laboratory Space Meets Sustained Positive Demand
Boston, MA – May 21, 2008 – According to Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate firm based in Boston, 771,000 square feet of new, state-of-the-art inventory was introduced to Greater Boston laboratory market during the two-quarter period ending March 31, 2008 and positive absorption totaled 378,000 square feet.  RBJ released the findings in “bioSTATus – Greater Boston Summer 2008”, the region’s most in-depth research report on biotechnology-focused real estate. 
According to the report, the market realized an increased focus on “green building” construction.  Several new laboratory buildings are being completed with LEED (Leadership In Energy Environmental Design) certification, a designation by the U.S. Green Building Council to denote a building’s adherence to a set of standards for environmentally sustainable construction. 
“We have witnessed another strong showing for the Greater Boston biotech market, during this reporting period,” said Brendan Carroll, vice president of research, Richards Barry Joyce & Partners.  “Demand remained consistently positive in Cambridge and the suburbs, as companies executed their growth strategies and remained close to the area’s well known supply of experienced biotech workers.” 
bioSTATus also reports that globalization had a major impact on the market, with the number of international agreements accelerating notably over the past year.  Local companies joined with international counterparts to expand research efforts, gain approvals in new markets and expand production and manufacturing. 
About bioSTATus
RBJ has been publishing “bioSTATus” since 2002 and the report has become the leading research publication focusing on biotechnology real estate.  The report delivers pertinent real estate figures, such as vacancy, availability and absorption rates for the laboratory market in Greater Boston as well as the Cambridge, Boston and Suburbs submarkets.  The report also provides business context around the figures, making it an indispensable tool for following the Greater Boston biotechnology market
To request a copy of the report, please send an email toresearch@rbjrealestate.com.  In addition to bioSTATus, RBJ also publishes quarterly Office, Industrial and Flex reports, covering all submarkets, and quarterly marketSTATus reports for the following submarkets: 128 North, 128 West, 128 South, 495 North, 495 West, Cambridge, Back Bay and the Financial District.
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services.  For more information, please visit our website at www.rbjrealestate.com.

______________________________________________________________________________________________________

Richards Barry Joyce & Partners Brokers Sale Of 121 Brookline Avenue, Boston
Boylston Properties Company, Inc. Buys Development Parcel,
Hires RBJ As Leasing Agent
Boston, MA – May 14, 2008 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, today announced that it brokered the sale of 121 Brookline Avenue, Boston, on behalf of 121 Brookline Ave., LLC.  The site was purchased by Boylston Properties Company, Inc. for $8.7 million. 
121 Brookline Avenue will become the site of the Longwood Research Center (LRC), a proposed six-story, 130,000 square foot laboratory building.  Longwood Research Center is located adjacent to the Longwood Medical Area, with institutional neighbors including Dana Farber, Children’s Medical Center, and Beth Israel Deaconess Medical Center.  The building is convenient to the MBTA (Green Line/Fenway stop) and the Yawkey Station Commuter Rail. 
“This was an excellent investment for Boylston Properties,” said William P. McQuillan, president of Boylston Properties.  “We are pleased that our plans for this location have BRA approval and we look forward to the successful completion of this project.”
LRC is pre-certified LEED compliant, a designation by the U.S. Green Building Council to denote a building’s adherence to a set of standards for environmentally sustainable construction.  The project is fully approved by the Boston Redevelopment Authority (BRA) and ground breaking is expected during summer 2008.  Upon making the building purchase, Boylston Properties hired RBJ as the exclusive leasing agent for the property. 
“We anticipated a high level of interest in the location during the sales process, due to its proximity to the Longwood Medical Area,” said Paul Mattes, managing partner, 121 Brookline Ave., LLC.  “The RBJ team did a fantastic job of identifying and then interfacing with potential purchasers of the property. Their knowledge of the life sciences real estate market proved quite valuable.” 
Robert Richards, president of Richards Barry Joyce & Partners, represented the building seller and procured the buyer.  Richards and Chris McCauley, vice president, will lead the RBJ team assigned to the leasing project. 
“121 Brookline Avenue is located near one of the country’s leading centers of biomedical and biotechnology activity, Longwood Medical Area,” said Robert Richards, president, Richards Barry Joyce & Partners.  “We have already received a very high level of interest in the building, from tenants varying in size from single occupants to multi-tenant occupants.” 
According to research by Richards Barry Joyce & Partners, the Downtown Boston submarket consists of 2,480,000 square feet of laboratory space and was 1.7% vacant, as of the quarter ended March 31, 2008. [Source:  Richards Barry Joyce & Partners’ “bioSTATus – Greater Boston Summer 2008”] 
About Boylston Properties Company, Inc. 
Boylston Properties is a Boston based developer of urban mixed-use projects including retail, residential, office, and research buildings. The company draws upon 30 years of development experience in the northeast markets, much within metropolitan Boston.
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including investment sales, market analysis, leasing, financial analysis, corporate services, portfolio review, and consulting services.  For more information, please visit our website at www.rbjrealestate.com.

______________________________________________________________________________________________________

Greater Boston Commercial Real Estate Office Market Remains Strong, According To Report By Richards Barry Joyce & Partners
officeSTATus Report Shows Finds Vacancy Rates Down For Ninth Consecutive Quarter
Boston, MA – April 15, 2008 – The Greater Boston office market experienced its ninth consecutive quarter of positive growth, with overall vacancy dropping from overall vacancy dropping from 13.6% to 13.2%, according to officeSTATus – Greater Boston Spring 2008, a research report released this week by Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate firm. 
The market for Class A office space was even tighter, with vacancy at 10.1%, (down from 18.3% just three years ago).  Average asking lease rates for Class A office space dropped slightly, edging down $0.45 to settle at $40.12.  Class A office space is down to 6.3% in Downtown Boston, with particularly limited supply in Longwood and the Seaport District.  The Seaport District also displayed strength in the Class B office market; asking lease rates have increased 77% for Class B space in that area over the past three years. 
“The office market in Greater Boston is still quite strong, with the continuation of a more than two-year stretch of consistently dropping vacancy rates,” said Brendan Carroll, RBJ’s vice president of research.  “This positive trend in the commercial real estate office market stands in relative contrast to many indicators in the broader economy.” 
officeSTATus highlights each submarket, with a section focusing on developments in Boston’s Central Business District, Cambridge, Route 128 and I-495.  An executive summary emphasizes significant news across the market and the “Economy & Real Estate” section places the real estate data within a broader economic framework.  The final page of the report is comprised of a single chart with the quarter’s key statistics (vacancy, market size, absorption, availability) compiled into a single, handy reference tool.  This quarter’s “Market Interesting” section takes a look back at the past 48 years of development in the office market, from 1960 when the majority of the office space was in Boston and Cambridge to today, when the suburbs hold the most office space.
To request a copy of RBJ’s officeSTATus – Greater Boston Spring 2008, please send an email to research@rbjrealestate.com. 
RBJ Research Publications
officeSTATus is the flagship publication in RBJ’s family of eleven quarterly research reports.  In addition to officeSTATus, RBJ publishes: flexSTATus, which highlights Flex property types; indSTATus, which focuses on Industrial property types; and individual marketSTATus reports on eight critical sub-markets.  The firm’s biotechnology-focused report, bioSTATus, is released twice a year.  In total, the firm produces an industry-leading 46 reports per year, in addition to custom research projects for clients. 
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services.  For more information, please visit our website at www.rbjrealestate.com.

______________________________________________________________________________________________________

Richards Barry Joyce & Partners’ Kristin Connelly Recognized By Women’s Business Boston
Firm’s Director Of National Services Named To Magazine’s 
“Top Ten Real Estate Professionals” List
BOSTON – April 4, 2008 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, is pleased to announce that Kristin Connelly, the firm’s director of national services, was named to the “Top Ten Real Estate Professionals” list by Women’s Business Boston.
“Kristin has a keen understanding of her clients’ business that enables her to offer a high level of service,” said Robert Richards, president, Richards Barry Joyce & Partners.  “We are pleased to see her receive this deserved recognition from Women’s Business Boston.” 
Ms. Connelly joined RBJ in 2005 and has worked with many of the firm’s national accounts, including Sapient, PAREXEL International Corporation, EnerNOC, Inc., OneBeacon Insurance Group, Dunkin’ Donuts National DCP, Forrester Research, and Corning Incorporated.  Before coming to RBJ, she was with Spaulding & Slye Colliers, working in Greater Boston’s Metrowest market.  Previously, Ms. Connelly worked at Digitas where she created marketing campaigns for clients such as AT&T, FedEx and American Century Investments.
“Richards Barry Joyce & Partners has counseled Sapient on real estate matters for many years and Kristin joined the Sapient team in early 2007,” said Andrea Jeffrey, Corporate Real Estate, Sapient. “Since she began working on our projects, Kristin has offered excellent insight into our strategy. Her knowledge of the real estate market and her understanding of our business requirements make her an invaluable asset to our real estate group.”
Women's Business Boston was launched in 1998 by Vicki Donlan and circulates in Massachusetts, New Hampshire and Rhode Island.  In 2004, Donlan sold the monthly publication to Herald Media. Women's Business Boston is the only regional publication profiling senior executive women and women entrepreneurs and enjoys a broad reach to the city's decision makers.
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services.  For more information, please visit our website at www.rbjrealestate.com.

______________________________________________________________________________________________________

Richards Barry Joyce & Partners Honored By Commercial Brokers Association For Work With Shire Human Genetic Therapies
Firm Wins “2007 CBA Life Science Deal Of The Year”
BOSTON – March 27, 2008 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, is pleased to announce that its work on behalf of Shire Human Genetic Therapies earned the firm the “2007 CBA Life Science Deal of the Year” award from the Commercial Brokers Association. 
In 2007, RBJ developed and executed a real estate strategy for Shire, in which the RBJ team analyzed all aspects of Shire’s real estate portfolio and associated business operations, from headquarters to research, to manufacturing and distribution.  Execution of the strategy resulted in five transactions in Lexington and Cambridge, representing 242,500 square feet of office, laboratory and biotechnology manufacturing space.  The RBJ team that represented Shire consisted of Robert Richards, president, Jonathan Varholak, partner, and Brian Cohen, director of consulting services.
“Richards Barry Joyce & Partners’ strategic counsel and insight continue to be critical on this ongoing, complicated project,” said Pat Sacco, Vice President, Facilities & Engineering Operations, Shire Human Genetic Therapies, Inc.  “They consistently bring a high level of service that has made them an important part of our real estate team.”
The CBA’s “Deal of the Year” awards are presented to acknowledge the leading transactions in four major categories:  life science, office, industrial and retail.  The award takes into account complexity, ingenuity, market impact, uniqueness and transaction size.  The award was announced on March 6 at the CBA’s annual awards banquet.  The CBA is a division of the Greater Boston Real Estate Board. 
“RBJ is pleased to have worked with Shire to develop a real estate strategy to support the company’s business,” said Brian Cohen, director of consulting services, RBJ.  “Our work helped set the stage for the company’s expansion, based on extensive review of Shire’s employee demographics and growth estimates.”
“Our efforts on Shire’s behalf demonstrate that RBJ approaches projects from an overall business perspective rather than a real estate-only perspective,” said Robert Richards, president, RBJ.  “We are honored to have worked so closely with Shire on this project and to be acknowledged by an excellent organization such as the CBA.” 
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services.  For more information, please visit our website at www.rbjrealestate.com.

______________________________________________________________________________________________________

Richards Barry Joyce & Partners Brokers Sale Of 100,000 SF Building On Behalf of CWCapital Asset Management LLC
275 Dan Road In Canton, Mass., Bought For $5.1 Million; Will Be Occupied By Organogenesis, Inc.
Boston, MA – March 10, 2008 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, today announced that it brokered the sale of 275 Dan Road in Canton, Mass. on behalf of CWCapital Asset Management LLC, in its capacity as Special Servicer to the seller of the property.  The 99,869 square foot office building was purchased for $5.1 million by Rugby Realty Co., Inc. 
The building will be fully occupied by Organogenesis, Inc., a Massachusetts-based company that is the world's most successful regenerative medicine company.  The new space at 275 Dan Road represents an expansion for Organogenesis, which is headquartered at nearby 150 Dan Road.  In June 2007 Organogenesis announced an aggressive expansion to build state of the art regenerative medicine facilities.
“Massachusetts is one of the world’s foremost centers for life sciences companies,” said Michael Frisoli, partner, RBJ.  “We are seeing a continued increase in life sciences activity in the suburban markets, particularly with Governor Patrick’s focus on expanding biotech in the Commonwealth.” 
Richard Herlihy, executive vice president, and Michael Frisoli, partner, of Richards Barry Joyce & Partners represented the building seller and Sean Teague of DTZ FHO Partners procured the buyer. 
According to research by Richards Barry Joyce & Partners, the Route 128 South submarket consists of 11,195,000 square feet of office space and was 14.5% vacant, as of the quarter ended December 31, 2007. [Source:  Richards Barry Joyce & Partners’ “officeSTATus – Greater Boston Winter 2008”]
About CWCapital Asset Management
A comprehensive real estate finance and investment management company, The CWCapital family of companies is comprised of CWCapital, CWCapital Investments and CWCapital Asset Management.  CWCapital Asset Management (CWCAM) currently controls the special servicing and subordinate CMBS on approximately $180 billion of multifamily and commercial loans representing approximately 14,500 mortgages.  CWCAM also performs special servicing duties on mezzanine loans and B Notes, acts as special servicer for CDO issuances, and performs third party special servicing for non-affiliated subordinated CMBS purchasers.
Cadim, a Montreal-based real estate advisor and portfolio manager, holds a majority interest in CWCapital and CWCapital Investments. Cadim is a subsidiary of the Caisse de dépôt et placement du Québec, the leading institutional fund manager in Canada with more than $200 billion of assets under management. For more information, visit www.cwcapital.com. 
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including investment sales, market analysis, leasing, financial analysis, corporate services, portfolio review, and consulting services.  For more information, please visit our website at www.rbjrealestate.com.

______________________________________________________________________________________________________

Richards Barry Joyce & Partners Brokers New 70,000 Square Foot LeaseFor Olympus NDT
Testing Company Signs Lease At 48 Woerd Avenue, Waltham, Mass.
BOSTON – February 26, 2008 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, announced today that it brokered a new 70,000 square foot lease for Olympus NDT at 48 Woerd Avenue, Waltham, Mass. 
The building is the headquarters for Olympus NDT, a world leader in nondestructive testing technologies.  Olympus NDT, a subsidiary of Olympus Corporation of Japan, supplies reliable, economical inspection and maintenance systems globally that enhance safety, security, and productivity for customers and that contribute to society. 
Prior to signing the new, 10-year lease, the company had subleased space in the single-story building.  48 Woerd Avenue is owned by Intercontinental Real Estate Investment Fund III, LLC. 
“Remaining in 48 Woerd Avenue enables Olympus NDT to sustain its work without interruption,” said Jonathan Varholak, partner, Richards Barry Joyce & Partners.  “The building is appealing to Olympus because it is centrally located for its employees and partners.” 
Olympus NDT was represented by Jonathan Varholak and Ron Friedman, vice president, of RBJ.  Intercontinental Real Estate Corporation, the building’s landlord, was represented internally by Thomas Taranto, Director of Acquisitions, Asset & Portfolio Management for Intercontinental. 
According to research by RBJ, the Route 128 West submarket consists of 19,982,000 square feet of office space and was 12.3% vacant, as of the quarter ended December 31, 2007.  [source:  Richards Barry Joyce & Partners’ “officeSTATus – Greater Boston Winter 2007”]
About Olympus NDT 
Olympus NDT provides an industry-leading portfolio of ultrasound, phased array, eddy current, and eddy current array nondestructive testing technologies. Our goal is to supply reliable, economical inspection and maintenance systems globally that enhance safety, security, and productivity for customers and that contribute to society. We are committed to actively pursuing the development of new technologies, products, and services that offer the best solutions to customers' needs. Our commitment to designing quality products is directly linked to our customers' responsibility to comply with the highest industry standards and regulations in order to ensure public safety. For Company profile and further information please visitwww.olympusndt.com.
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services.  For more information, please visit our website at www.rbjrealestate.com.

______________________________________________________________________________________________________

Richards Barry Joyce & Partners Releases “officeSTATus – Greater Boston Winter 2008” Research Report
Report Finds Vacancy Rates Down, Asking Lease Rates Stable Across Greater Boston
Boston, MA – January 7, 2008 – The Greater Boston office market saw vacancy rates edge down slightly during the fourth quarter of 2007, according toofficeSTATus – Greater Boston Winter 2008, a research report from Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate firm. 
According to officeSTATus, vacancy rates for office space across Greater Boston declined by 0.2% to 13.6%, marking the eighth consecutive quarter of falling vacancy.  During that time more than 8.3 million square feet of space was taken off the market. 
Class A office space is more constrained, with vacancy rates lowering to 10.3% for the quarter (down from 19.8% three years ago).  Across the market, asking lease rates for Class A space remained stable during Q4 2007, remaining above $40 per square foot at $40.57.  However, certain areas have seen dramatic increases in Class A asking lease rates, including Boston’s Financial District (up 73% in two years), Cambridge (85% increase in two years) and along Route 128 (up 24% in two years). 
“The year ended on a positive note with Greater Boston still witnessing a very strong market for office space,” said Brendan Carroll, RBJ’s vice president of research.  “Many markets extended positive trends, while others, such as Route I-495 North, experienced a notable surge.” 
officeSTATus features an executive summary page with an overview of some of this quarter’s most notable findings.  Sections on each primary submarket – Downtown Boston, Cambridge, Route 128, and I-495 – deliver more in-depth analysis.  The “Economy & Real Estate” section offers context for the quarterly findings within the broader economic environment.  The report’s final page compiles all the quarter’s pertinent statistics – vacancy, market size, absorption and availability – into a single, useful reference.  This quarter’s “Market Interesting” section takes a look at vacancy rates for suburban office space located within one mile of a highway exit.
To request a copy of RBJ’s officeSTATus – Greater Boston Winter 2008, please send an email to research@rbjrealestate.com. 
RBJ Research Publications
officeSTATus is the flagship publication in RBJ’s family of eleven quarterly research reports.  In addition to officeSTATus, RBJ publishes: flexSTATus, which highlights Flex property types; indSTATus, which focuses on Industrial property types; and individual marketSTATus reports on eight critical sub-markets.  The firm’s biotechnology-focused report, bioSTATus, is released twice a year.  In total, the firm produces an industry-leading 46 reports per year, in addition to custom research projects for clients. 
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services.  For more information, please visit our website at www.rbjrealestate.com.

______________________________________________________________________________________________________